Our client, a joint venture between an award-winning developer and a public sector institution, planned to comprehensively redevelop the property. In the short/medium term, we were instructed to market and let a multitude of vacant suites.
Our brief presented a number of difficulties, not least the requirement that all leases included Landlords development break options on a rolling basis from an early date. We successfully let in excess of 50 suites in sizes ranging from 200 sq ft up to 5,000+ sq ft.
We successfully let this space notwithstanding that it presented a number of issues, having been formerly used as a maintenance workshop and store for the whole of the Estate. Our marketing campaign was precisely targeted at particular restaurant and leisure occupiers, the space eventually being let to All Star Lanes as their first, City-oriented, bowling/restaurant offering. A long lease term was secured, subject to periodic upwards only rent reviews. Assistance was also given to the client on various rating and planning aspects.
The building was a derelict former garment works which we introduced to our client, a private property company, and subsequently acquired on a freehold basis with vacant possession.
While still in a derelict condition, we discreetly marketed the building and negotiated a pre-letting to a major ISP company on a long term leasehold structure with annual rent steps.
The purchase and letting were progressed in parallel.
The Old Truman Brewery Estate covers a site of almost 11 acres either side of Brick Lane. The 24 buildings on the Estate offer nearly 900,000 sq ft of office, retail and leisure accommodation. It is a centre for fashion, e-commerce, media, education, events and music related businesses with more than 150 tenants ranging from private individuals to major corporations.
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